At a time when eCommerce landscape of the country is moving towards its unprecedented, the market has become more like a battle field. The combat is not just from the traditional format of retailing i.e. the brick and mortar stores, but also within their own peer groups. These days use of big data and analytics is helping a lot of eCommerce businesses to stay a step ahead in competition.
Luring consumers and retaining them is one of the biggest challenges for eCommerce companies which can be overcome by providing a seamless and a cutting edge shopping experience. With digitisation of society and increasing smartphone penetration, consumers today have become less loyal and more experimental toward brands. Furthermore, it is now important for eRetailers to focus on delivering something more valuable, something more personalised and price competitive. Big data plays a very crucial role in indentifying and to check upon the above mentioned factors. Here is an example of how an online lingerie brand roped in big data and analytics solutions to maximise its online competitiveness resulting in better traffic and footfall.
Innovative lingerie brand Pretty Secrets approached Intelligence Node to suggest a solution that would maximise its online competitiveness resulting in better footfall.
Intelligence Node, one of India’s leading SaaS-based retail analytics solution providers, suggested them to use their product Incompetitor, which would monitor the Brands and rivals’ catalogue, pricing and promotions progress, right across the entire online lingerie market, allowing the client and his team to be always fully current on every business day’s range and pricing levels, providing it with the best basis to react to pressure, leverage opportunity and further lead to increase in sales.
“We have always maintained that the only way to reach the consumer we want and for them to be excited about us, is with the aid of retail analytics,” said Karan Behal, Founder & CEO, Pretty Secrets.
The After Effects
The solution also helped them in making decisions that should save them a considerable amount of time and money, as it will empower them to make agile decisions, for example to either re-order certain inventory before it goes out of stock, or to quickly take those learning in to their next clothing range. Now one of India’s biggest online lingerie brands get instant visibility into its market, thanks to retail analytics.
“Whenever we start to develop and launch a new product, we can research similar products from competition through Intelligence Node so as to derive the optimal set of product parameters. Intelligence Node will give us an invaluable edge on the competition.” Behal added further.